HERMANUSDOORNS SHAREBLOCK LIMITED AGM June 2006 AGM 2006 1 - - PowerPoint PPT Presentation
HERMANUSDOORNS SHAREBLOCK LIMITED AGM June 2006 AGM 2006 1 AGENDA l Welcome and Apologies l Special welcome to all new shareholders l Attendance Register l Notice Convening the Meeting and Quorum Appointment of Referee and assistant to
AGM 2006 1
AGM 2006 2
l Welcome and Apologies
l Special welcome to all new shareholders
l Attendance Register l Notice Convening the Meeting and
l
Appointment of Referee and assistant to administer and count votes
l Apologies and Proxies l MD’s Report
AGM 2006 3
l Presentation of Financial Statements l Ordinary Business
l Resolutions 1,2,3,4,5,6,7 and 8
l Update on Business Plan l General l Closure l Lunch – directly after the meeting
AGM 2006 4
AGM 2006 5
l Year Ended Feb 2006 a good year
l Some Highlights
l Financial
l All Shareholder loans elliminated l Long term levy structure well received and
extended for further 5 years
l Continuous improvement of the Balance
Sheet
AGM 2006 6
l Operational
l Continued improvement of road into the
mountain
l Upgrade and Electrification of fencing l Electricity supply remains a problem
l Eskom related
l Reduction of building activity
AGM 2006 7
l Fauna and Flora
l Above average rainfall l Repetition of the Environmental Study l Further electrification of fences l Good breeding season
l Possibly attributed to the late rains l Post year end capture instead of culling – preferred
method of game management
l Removal of Alien plants - Sekelbos
AGM 2006 8
10 20 21 16 6 9 40 40 40 6 90 21 25 110 Jun 06 10 Mountain Reedbuck 20 21 16 6 10 60 40 40 6 110 24 40 220 Feb 06 15 23 15 7 10 38 40 45 5 100 20 35 190 Feb 05 19 19 23 Rooihartebees 12 11 10 Steenbok 40 20 22 Bosbok 2 2 3 Giraffe 14 14 12 Klipspringer 7 9 10 Gemsbok 9 9 10 Zebra 33 24 23 Blouwildebees 25 25 31 Warthog 80 65 86 Kudu 16 13 13 Water Buck 50 30 30 Blesbok 160 125 190 Impala Feb 04 Aug 03 Feb 03 Description
AGM 2006 9
HERMANUSDOORNS _ RAINFALL
200 400 600 800 1000 1200 mm 50 100 150 200 250 300 mm
Cummulative Monthly
531 1030 338 341 348 572 382 642 98/99 99/00 00/01 01/02 05/06 02/03 03/04 04/05
7 year Annual Average = 523mm 5 Year Annual Average = 459mm 3 Year Annual Average = 536mm
AGM 2006 10
Annual Rainfall
200 400 600 800 1000 1200
1998/9 1999/0 2000/1 2001/2 2002/3 2003/4 2004/5 2005/6
Year mm
AGM 2006 11
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1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0
Ra nd s (R'0 0 0 )
1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6
Le vy I nc om e
AGM 2006 13
1 ,0 0 0 2 ,0 0 0 3 ,0 0 0 4 ,0 0 0 5 ,0 0 0 6 ,0 0 0 7 ,0 0 0 8 ,0 0 0 9 ,0 0 0
Ra n ds pe r An nu m
1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6
Le vy Struc ture
AGM 2006 14
1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0 9 0 0
Ra nd s (R'0 0 0 )
1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7
Le vy I nc om e
AGM 2006 15
1 0 2 0 3 0 4 0 5 0 6 0
Ra nd s (R'0 0 0 )
2 0 0 5 2 0 0 6 2 0 0 7
I nve stm e nt I nc om e
AGM 2006 16
0 .0 1 .0 2 .0 3 .0 4 .0 5 .0 6 .0 7 .0
Ra nds (M illions)
1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6
Ca pit a l a nd Re se rve s
AGM 2006 17
2 0 0 4 0 0 6 0 0 8 0 0 1 ,0 0 0 1 ,2 0 0 1 ,4 0 0 1 ,6 0 0 1 ,8 0 0 2 ,0 0 0
Ra nd s (R'0 0 0 )
1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6
T ota l De bt
AGM 2006 18
5 0 ,0 0 0 1 0 0 ,0 0 0 1 5 0 ,0 0 0 2 0 0 ,0 0 0 2 5 0 ,0 0 0 3 0 0 ,0 0 0 3 5 0 ,0 0 0
Ra n ds (R'0 0 0 )
1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6
Sha re Pric e
AGM 2006 19
l Thank you to
l The shareholders l The auditors l The Non Execs l My fellow directors
l And I look forward to another great
AGM 2006 20
AGM 2006 21
l All done by Poll l One share – one vote l Counting independently done
l 2 volunteers l Board l Corresponding totals accepted
AGM 2006 22
l Resolved as ordinary resolution
AGM 2006 23
AGM 2006 24
Up by 1%
Up by 51% Up by 91%
AGM 2006 25
Up by 19% Up by 37% Up by 49%
Up by 6%
AGM 2006 26
124,912 1 March 2006 to 28 Feb 2011 1,306,743 TOTAL 297,807 Capital Levy 106,579 1 March 2005 to 28 Feb 2010 78,947 1 March 2004to 28 Feb 2009 694,825 1 March 2006 to 28 Feb 2007
2006 R Period
AGM 2006 27
14%
+9%
+459%
+18% 735,018 840,818 TOTAL 884 183 Shop 33,120 32,953 Municipal
General 23,194 9,596 Game 38,880 10,153 Building Income 9,129 41,802 Investment Income 105,207 97,845 Other Income 629,811 742,973 Levies 2005 2006
AGM 2006 28
23,566 31,421 +35% Admin Fees 54,382 80,078 +47% Repairs and Maintenance 19,630 23,500 +20% Auditors +12%
+20% +8%
+25%
+61% +10% Trend 19,630 23,500 Auditor Remuneration 51,623 56,140 Electricity and Water Total Detail 721,318 809,901 69,347 59,926 Other 79,780 71,128 Depreciation 32,604 40,912 Insurance 154,458 123,917 Vehicle Expenses 121,842 197,380 Salaries and Wages 114,086 125,499 Directors Salary 2005 2006
R 65k could have been capitalised
744,901 +3%
AGM 2006 29
l Budget – Feb 2006/7
l Total Expenses
R 810k
l Levy should be
l Operational
R 8,100
l VAT
R 1,134
l TOTAL
R 9,237
l Increase of 14% l No building revenue built in l Relatively cheap in context
ACTUAL R 809,901
AGM 2006 30
l Budget – Feb 2007/8
l Total Expenses
R 900,000
l Recoveries
l Investment
R 55,000
l Municipal
R 38,000
R 93,000
l Real Levy
R 807,000
l VAT
R 113,000
l TOTAL
R 920,000
l Per Share = R 9,485 (+6.6%) l Budget 8%
AGM 2006 31
l Building Revenue
l Outsourced to contractor
l Defaulted l Farm undertook to complete
l Resumed limited building work
l Late levies
l At 31 March Debtors were R 510k l Lost interest is R 3,500 per month l Three months is more than ONE levy lost
AGM 2006 32
l Ordinary Resolution 2
l Resolved as ordinary resolution #2 to
AGM 2006 33
l Ordinary Resolution 3
l Resolved as ordinary resolution #3
AGM 2006 34
l Ordinary Resolution 4
l Resolved as Ordinary resolution 4 to
confirm the appointment of Mrs C Konz as executive director.
AGM 2006 35
l Financial stability of the Company
remains a core objective
l To ensure the long term stability of the
company, the board strongly believes that a Capital Reserve be developed.
l Development of a funding mechanism that
provides for the steady build up of this Reserve
l Various options are currently being
l Levy structure l Preferential Shares, in redeemable and convertible
format
AGM 2006 36
l Ordinary Resolution 5
l Resolved as Ordinary Resolution 5 that a
special levy amounting to R3 500, inclusive
money be solely used for the purchase of a capital related items that are authorised by resolution in a General Meeting
AGM 2006 37
l Vehicle Usage
l Too many vehicles on the farm l Consideration and proposal for 2006 AGM as a
resolution:
AGM 2006 38
l Ordinary Resolution 6
l Resolved as Ordinary Resolution 6 that all
vehicles used on the farm – except those used to travel from the gate to the individual units – be registered with the farm and have the necessary COF.
AGM 2006 39
l Visitors
l Un-accompanied Visitors remain one of the
Boards biggest headaches
l Visitors seem to not care for the farm as the
shareholders
l Consideration and proposal for 2006 AGM
as a resolution:
AGM 2006 40
l Ordinary Resolution 7
l Resolved as Ordinary Resolution 7 that all visitors
to the Farm be accompanied by the shareholder
Representative is defined to be the immediate family of the shareholder inclusive of children over 18 years of age
l In the absence of the shareholder, the “shareholder
representative” will assume the full responsibility and accountability of the shareholder.
l In the case of a syndicate, the “shareholder
representative” will include all the immediate family members of the of the syndicate members
AGM 2006 41
l Ordinary Resolution 8
l Resolved as Ordinary Resolution 8 that the
following limitations and rules will be placed on existing syndicated ownership. No new syndicates will be allowed.
l Syndicated ownership will be limited to 4 (four) partners,
members, shareholders, or beneficiaries depending on the legal structure of the syndicate. All these owners must be registered with Hermanusdoorns limited as the responsible persons for the specific syndicate.
l A variable premium levy would be levied to these
syndicates
AGM 2006 42
l
Introduction of a “Non-natural Person” levy
l
Will apply to all shares held by:
l Trusts l CC’s l Company’s l Joint ownership l Partnerships l
Applicable from today
l
Maximum of 4 “allowable” shareholders and these must be nominated
l
Not retrospective unless shareholders wish to elect this – to be tabled at next AGM if this is recommended
l
Will be maximum of 200% of the Non-resident levy – i.e. Double
AGM 2006 43
AGM 2006 44
l To be tabled at next AGM l Keep stability while allowing “new blood” into
Directorship
l Requires Amendment to Articles of
Association
l We will obtain the required legal and Company
Act input for these changes during the next 12 months
l Phases
l Increase directors to 6 l Rotational re-election of One or Two Directors per
annum
AGM 2006 45
l Financial stability of the Company
l Levy structure now more in line with
budgeted expenses
l Capital levy to be raised from time to time l Other mechanisms still being considered
l Preferential Shares l Etc l Maybe on further land acquisition – if
appropriate
AGM 2006 46
l Further Development of Mountain
l Improved Road infrastructure l Provide access to the river l As and when funds permit – self funding
AGM 2006 47
l Fauna and Flora Issues
l Key focus on Sekelbos removal
l Great progress made this year
l Development of more sustainable dams
l Building of Hides
l Additional game l Further development as per environmental
study
l Management of Fauna and Flora under
strict guidance from consultants
l Finalisation delayed due to consultants ill health
AGM 2006 48
l Continual upgrading of Farm Assets
l Workshop area
l Entrance
l To be moved closer to the road l Enhanced to improve access control
l Fencing – continuous upgrading and ultimate
electrification
l Upgrading of roads to improve drainage and
reduce water damage
l Note: all of the above are Capital dependent
AGM 2006 49
l Land Expansion
l Still a desire for the Board l Require critical mass for herd development l Could provide better utilization of current mountain
area
l Must be accompanied by “self funding” financial
plan
l Available options
l Westerly direction
l
Section D – to reach the river
l
Section E – to incorporate the river
l Easterly direction
l
Section E
l
Section H
AGM 2006 50
A1 B1 A2 C D E1 E2
750Ha 750 Ha 200 Ha 356 Ha 250 Ha 1250 Ha 159 Ha
G
300 Ha
H I J
AGM 2006 51
AGM 2006 52
l Received some issues too late to table
l Proposed by Wessel Hofman Trust l Proposal
l Revisit the acquisition of a generator that will
provide sufficient power in the case of non delivery from Eskom
l Tabled at next AGM
AGM 2006 53
l D Botha
l Cleaning Services l Building Sites
l Labour Residence l Toilets l Weekend Building
AGM 2006 54
AGM 2006 55
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AGM 2006 60
l Full implementation of our website
l Vote of thanks to John and Lorna Hill l Updated regularly
l Notification of meetings will be posted
l Do away with registered and standard post
wherever possible
l All statutory info is available on this
AGM 2006 61
l
Members shall at all times be required to use their firearms as provided for by the relevant legislation from time to time and shall not contravene any laws in so using their firearms
l
Members shall not allow unlicensed persons to drive a vehicle on the property
l
No un-roadworthy vehicles may be driven by anyone whatsoever on the property
l
Neither the Company, nor its directors shall be liable for conduct on the part of members or their families or invitees which contravenes these rules and/or the law THIS STATEMENT IS CLEARLY DISPLAYED AT THE MAIN ENTRANCE AND AT THE SWIMMING POOL AREA
l
It must be noted that anybody who commits a delict in his or her personal capacity is personably liable in respect of such delict and that the Company would in any event not be liable in such instance
AGM 2006 62
l Cleaning
l Deposit of R 500 to be paid to initiate service l Accounts payable on presentation of an account in
cash
l Service terminated if outstanding account equals
the Deposit
l Note: No cleaning will be provided on the
weekends – effective Monday
l Electricity
l Must be paid to Farm manager l Cheques payable to Hermanusdoorns l Electronic deposits to Hermanusdoorns,
Confirmation to farm manager
AGM 2006 63
l Telephone
l Common courtesy to be given to Farm Manager l Only flag “Urgency” if it really IS urgent l Please try use email wherever possible l Andre’s email is a.cochrane@mweb.co.za
l Don’t send pictures
l Farm Manager weekend
l Norm is week day weekends
l Use of private generators is NOT permitted
AGM 2006 64
l Theft
l Spate of thefts on farm l An alarm system is available l Request to install radios
l Fire Assist l Intruder alert
l Please be vigilant l Report suspicious activity
AGM 2006 65
l Dam near the hide
l Swimming Forbidden l Playing is forbidden
l Collection of Wood
l Do Not remove wood from the farm l Buy it from the shop
l Littering
l Please stop l Please stop and pick up litter
AGM 2006 66
l Entertainment Area and Pub
l Only open on special occasions
l Caravans
l Caravans parked on the property must be in an
enclosed garage and may not be used to house persons on the farm.
l Little correspondence received
l all but two issues have been resolved
l these will be done asap
l Matters to be brought to Board directly and
not through the AGM
AGM 2006 67
l Thank you for your attendance and input l Please join us for a meal directly after
l THANK YOU ONCE AGAIN